£600 a month mortgage repayments, best lenders and how we can access the best mortgage deals for you today
Many mortgage providers lend mortgages with payments of £600 a month.
Contact us today for mortgage advice; we can explain what you need to do for a mortgage application, mortgage interest rates, and any other questions you may have.
Personal circumstances, credit history, and the criteria of your mortgage provider all factor in qualifying for a mortgage.
Use our online mortgage calculator to get an idea of what you can afford:
How much mortgage can I get for £600 per month?
A mortgage lender will want to know how much you can pay back each month. This will affect how much they are willing to lend you. Two important factors to consider are whether you are employed or self-employed, and how many years of work you expect to have left.
- They will want to know if you are close to retirement, if you can afford to repay a mortgage of £600 per month if the term of your loan extends into your retirement years.
- The LTV (or loan to value) ratio of the property is another consideration. If you have a mortgage of £240,000 on a property worth £300,000. Your LTV would be 80%.
- This means that the mortgage pays 80% and your funds pay 20%. A lower LTV means a better rate.
Remember that loan rates and agreements can change with the market. A mortgage broker can help you compare rates and find the best deal for you. Send an enquiry to speak with a mortgage provider suitable to you.
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What mortgage amount can I get for £600 per month?
An online mortgage calculator can estimate how much you might qualify for. Although this isn’t entirely accurate, it is a good guideline. See above to use ours now.
What is the limit on how much you can borrow for £600 repayments?
This question is not easy to answer as there are many factors that can affect it. These examples would suggest that a typical amount is around £134,000, but they are based upon a variety of assumptions about what you might be able to borrow within this budget.
These examples assume that you have:
- Repayment mortgage with an interest rate of 2.5%
- You have chosen a maximum term for your mortgage of 25 years
- 10% deposit available
You could get approximately £134,000 if you have a monthly budget of £600 for repayments.
You could get approximately £145,000 if you have a monthly budget of £650 for repayments.
You could get approximately £156,000 if you have a monthly budget of £700 for repayments.
These numbers are only for illustration purposes. We’ll discuss the factors that could affect them further down. To get a better estimate, it is recommended that you reach an agreement in principle before you make an offer on a property.
Mortgage calculator for £600 a month mortgages
Use our online mortgage calculator to get an idea of the amount you might be eligible for.
For example, a £600 per month mortgage with an interest rate of 2.5% would allow you to borrow about £135,000.
This amount can vary depending on the provider.
A whole-of-market broker is the best way to find out how much you can afford to mortgage your home. Please submit an enquiry; our advisors will help you find the best lender for your situation.
What factors could impact my ability to get a £600 monthly mortgage?
Lenders will take into account your employment status, income, and year. They will also examine your credit history to determine if there are any issues.
There shouldn’t be any problems if you have good credit. You may not have many options if your credit history is poor.
Some lenders won’t grant mortgages to everyone, and others may offer higher repayment rates.
How long can I get a mortgage for £600 pounds per month?
While most mortgages require that you pay back your mortgage for 25 years, requesting a shorter or longer-term mortgage is possible. A longer-term mortgage may result in higher interest rates.
If you want to take out a £130,000 mortgage over 30 years with an interest rate of 3.5%, you will pay £584 monthly. You would have to pay £210,153 back, including interest of £80,153.
What interest rates would you pay for a £600 pound per monthly mortgage?
A monthly mortgage of £600 will determine your rate. This is not only based on the amount you plan to repay each month.
The deposit plays a major role in determining the rate you will pay back. Keep in mind that there are other factors to consider, such as your credit history and whether or not you have had bad credit.
What personal eligibility criteria affect your mortgage?
Lenders typically use a multiple to determine how much money they can borrow. Lenders will use a multiple of your annual income to determine how much they can lend you. The interest rates they offer will also be determined by the personal criteria you meet.
Income/affordability
Most lenders will lend you approximately 4.5 times your annual income but is possible to get as low as 3 times and as high as 6 times, depending on your personal circumstances.
However, affordability doesn’t necessarily mean your entire income.
Lenders will want a complete breakdown of your financial responsibilities, including regular outgoings.
The situation of employment
Lenders will take into account a variety of factors when assessing your employment.
- No matter if you are employed or self-employed
- What length of time you have been working in your industry/role?
- If your industry offers a stable and structured career path
Some lenders will give lower-income multiples or higher interest rates to self-employed people who have limited experience in their current industry. These lenders offer more flexibility. However, there are specialist lenders.
Credit standing
Lenders will conduct a credit check. Your credit score could impact your decision.
To determine which lender best suits you, it’s a good idea to download your credit reports before submitting your application.
Don’t worry if you have poor credit, as there are specialist lenders who may be able to help you.
Age
Many mortgage lenders place a maximum age for applicants and/or an age limit on the time when you have to pay off your mortgage.
It can be more difficult for older borrowers to obtain longer mortgage terms. This can limit their borrowing.
View more related mortgage repayment articles:
- £300 a month mortgage repayments
- £400 a month mortgage repayments
- £500 a month mortgage repayments
- £700 a month mortgage repayments
- £800 a month mortgage repayments
- £900 a month mortgage repayments
Over £1,000 a month repayments:
- £1,000 a month mortgage repayments
- £1,200 a month mortgage repayments
- £1,500 a month mortgage repayments
- £2,000 a month mortgage repayments
- £5,000 a month mortgage repayments
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